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2 investors eye Profriends

Profriends Group Inc., formerly Amicus Holdings Inc., said Thursday it plans to get up to two foreign cornerstone investors for the P7.7-billion initial public offering.

First Metro Investment Corp., one the lead underwriters for the Profriends maiden share sale, said the company was currently in talks with one to two foreign groups to become cornerstone investors.

Profriends Group president Guillermo Choa said in a news briefing the company would use the proceeds from the IPO for development, acquisition of land bank for future development and equity investment in in-house financing unit Willamton Holdings Inc.

Choa said the housing backlog for the low-income segment, the main focus of the company, remained high and was expected to continue to go up in the coming years.

From 2.5 million units unit year, the backlog for economic and low-cost housing units is expected to go up to 6.5 million in 2030, he said.

He said to address the demand, the company planned to further expand its share by offering housing units costing from P600,000 to P800,000 per unit.

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